SpaceX IPO valuation raises concerns over investor demand
SpaceX’s planned initial public offering at a valuation of at least $1.8 trillion is emerging as a major test of...
Business
UAE executives face growing accountability over AI strategies
A new Dataiku study shows UAE CEOs increasingly view AI performance, governance and accountability as defining measures of leadership success.
Business
Arts & Culture
Thousands of carpets sunbathe at Turkish resort
From June-Sept, in harvested fields cleared of stubble, merchants bring their cargo to age in the sun, tempering the bright...
- In the past, up to 60,000 carpets were processed in each three month drying season in the Dosemealti district.
- But today he is one of the last ones to do so, with around 15,000 carpets stored side by side on a 40-hectare (100 acre) area.
Business
ADNOC Drilling H1 revenue $2.37bn
The company posted a net profit of $692m.
- The company's Board of Directors approved the $217 million (approx. 5 fils per share) second quarterly dividend for 2025.
- The dividends are expected to be paid in the second half of August 2025 to all shareholders of record as of 8th August 2025.
Business
Dubai International Airport logs record 46 million travelers in first half
Dubai, United Arab Emirates -- Dubai International Airport welcomed a record 46 million passengers in the first half of this...
- The facility marked its busiest first half on record with a 2.3 percent YoY growth, Dubai Airports said in a statement, "despite temporary airspace disruptions in May and June."
- During the 12-day Iran-Israel war, airlines cancelled flights to many Middle East destinations as some governments closed their airspace.
Arts & Culture
Portugal’s Felix joins Ronaldo at Al Nassr in Saudi
Riyadh, Saudi Arabia -- Portuguese forward Joao Felix has signed a two-year deal with Saudi Arabia's Al Nassr, where he...
- Felix, now 25, made a blockbuster move from Benfica to Atletico Madrid in 2019, but has since seen his fortunes decline.
- "I'm here to spread joy. Let's win together," said Felix in a video posted on the club's X account. A separate post said he had signed until 2027.
Business
Palantir, the AI giant that preaches US dominance
Palo Alto, United States - Palantir, an American data analysis and artificial intelligence company, has emerged as Silicon Valley's latest...
- The company's reach spans the global economy, with banks, hospitals, the US government, and the Israeli military among its ever-expanding client roster
- "We want and need this country to be the strongest, most important country in the world," Alex Karp, Palantir's CEO, recently declared at a client conference in Palo Alto
Business
DIFC records 25 percent rise in registered firms in H1 2025
Dubai, UAE -- Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South...
- The total number of active registered companies reached 7,700, up from 6,153 in H1 2024 - a 25 percent year-on-year increase.
- The number of professionals working in DIFC rose to 47,901, marking a significant 9 percent increase from 43,787 a year earlier.
Business
European Union probes UAE oil giant’s purchase of Germany’s Covestro
Brussels, Belgium -- The European Commission on Monday announced an investigation into the takeover of German chemical firm Covestro by...
- "The commission has preliminary concerns that foreign subsidies granted by the UAE could distort the EU internal market," a statement by the bloc's executive arm said.
- Plastics maker Covestro accepted a bid -- valuing the company at 12 billion euros ($14 billion) -- from the Abu Dhabi National Oil Company in October.
Geostrategy
Urgent need for ‘global approach’ on AI regulation: UN tech chief
Geneva, Switzerland -- The world urgently needs to find a global approach on regulating artificial intelligence, the United Nations' top...
- Doreen Bogdan-Martin, head of the UN's International Telecommunications Union (ITU), said regulation was key as concerns rise over fast-moving technology.
- Bogdan-Martin, the first woman to serve as ITU secretary-general in the organization's nearly 160-year history, also stressed the need to get more women into the digital space.
Business
Eni profit falls due to dip in oil prices
Q2 net profit fell by 18% to $637 million.
- Revenues also declined in the second quarter by 14 percent year-on-year to 18.8 billion euros, the company said in a statement.
- The oil giant also confirmed its production target of 1.7 million barrels of oil a day for the current year, despite a three percent decline in the second quarter.
Business
Emirates NBD H1 profit $3.40bn
Total income rose by 12 percent in the same period.
- Lending increased by AED41 billion, or 8 percent, during the first half of 2025, fueled by very strong demand both in the UAE and across its growing international network.
- Operating profit grew 9 percent as the strong loan and deposit growth momentum easily absorbed earlier interest rate cuts.
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SpaceX IPO valuation raises concerns over investor demand
SpaceX’s planned initial public offering at a valuation of at least $1.8 trillion is emerging as a major test of...
Business
Company News
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Oil prices gain, as equities extend record run higher
Oil prices have experienced choppy trading since the surprise US raid Saturday on Caracas that saw Venezuelan president Nicolas Maduro...
Business
Volatility grips oil market as nervous investors assess Venezuela
Having spiked in an initial reaction to the military operation to apprehend Nicolas Maduro in Caracas, oil prices quickly dropped...
Business
‘Tuna King’ pays record $3.2 mn for bluefin at Tokyo auction
Tokyo, Japan -- A Japanese sushi entrepreneur paid a record $3.2 million for a giant bluefin tuna Monday at an...
Business
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Business
BYD logs record EV sales in 2025
It sold 2.26m EVs vs Tesla's 1.22 by Sept end.
- Tesla is expected to announce its total EV sales for last year on Friday.
- Shenzhen-based BYD, which also produces hybrid cars, announced the data in a statement published to the Hong Kong Stock Exchange, where it is listed.
Business
SoftBank lifts OpenAI stake to 11% with $41bln investment
Tokyo, Japan -- Japanese tech investor SoftBank said Wednesday that its stake in OpenAI is now around 11 percent after...
- Having made colossal profits as well as losses on previous investments, flamboyant founder Masayoshi Son has pivoted SoftBank towards artificial intelligence (AI).
- SoftBank had announced in April its planned investment of up to $40 billion in Open AI, and on Wednesday it said that the second tranche of $22.5 billion was completed.
Business
TSMC says started mass production of ‘most advanced’ 2nm chips
Taipei, Taiwan -- Taiwanese tech titan TSMC has started mass producing its cutting-edge 2-nanometre semiconductor chips, the company said in...
- TSMC is the world's largest contract maker of chips, used in everything from smartphones to missiles, and counts Nvidia and Apple among its clients.
- The chips will be the "most advanced technology in the semiconductor industry in terms of both density and energy efficiency", the company said.